Hello Gentlemen!
I have taken loan from State Bank of India by keeping a property as security which is worth double the loan amount. Due to occurrence of financial crisis I was unable to pay the interest for months and my account was termed as an NPA account. After few months the bank took possession of the property and went for auction. But, the auction was ordered by the court to be cancelled. The reason behind this is I made an unregistered agreement to sell a portion of the property with a party. Therefore, after the party came into knowledge about the auction, it went to court and obtained a stay against the bank actions towards the property.
Now, the main problem in current situation is that the bank officials with police, without any prior notice, came to my house all of a sudden one morning and told us to vacate the house as they came to take the possession. This happened because my house is kept as additional security in the bank. On consistent negotiation with them they decided to leave but with a condition that 25% of the loan should be paid within 15 days or else they will take the possession. And the remaining loan amount shall be paid before 31st March. After 4 days they sent a notice which is a caveat filed in the recovery court and high court that any act from me to obtain a stay should not be entertained by the courts. Now, I don't have enough amount to pay within 15 days. So, what shall I do to save my house? What are my chances if I go for stay? Will I get a stay? Can't I fight on the base that my property amount is more than double the loan amount? Please advise me gentlemen. Any sort of help will be appreciated.
Thanks in advance for your replies!
